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The seven-storey office building will cost Mapletree $14,334 per sq m.
Singapore’s Mapletree Investments is closing on a €240 million ($269 million) deal to acquire a seven-storey office building in Dublin’s docklands, reported The Irish Times.
The sellers of the Sorting Office, an 18,766 sq m office project at the corner of Cardiff Lane and Hanover Street East within the Irish capital, are a joint venture between UK-based M&G Investments and Marlet Property.
Mapletree’s investment is more than a 57 percent markup from what the present owners asked for the property about two years ago.
In the event Mapletree, which manages and owns S$46.3 billion of properties globally, complete the acquisition of the office tower, it will gain possession of the office block for $14,334 per sq m, reported Mingtiandi.
Set for practical completion in November 2019, the Sorting Office was said to be untenanted as at January, with developers not disclosing details regarding potential tenants or occupancy.
Marlet and M&G bought the site in 2015 for €40 million (S$61.6 million), which they eventually developed into a 56-unit apartment building and a Henry J Lyons-designed office block.
The residential component of the project is not included in the sale.
If the sale proved to be a success, it would be the second time in less than a year that Marlet has profited from a deal with an Asian investor.
In October 2018, the company sold two office blocks for €145 million (S$223.3 million) to Korea’s Hana Financial Group.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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